The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Home country rule threat to Eurobond market

Aspects of the proposed EC Prospectuses Directive could upset the smooth running of the Eurobond markets.


The creation of a pan-European financial services market has long been a central plank of EU policy. The Financial Services Action Plan (FSAP), endorsed by the heads of government of each member state at the Lisbon European Council in March 2000, emphasized its importance.

The primary markets are seen as fundamental to the creation of the single market in financial services, and the ability to provide issuers with a passport to unlock the untapped pan-European investor base would represent a significant step forward.

But progress in the securities markets has been limited. Though the adoption of some EU legislation has served to open up national markets, little headway has been made in providing issuers with access to the alluring prospect of investors across the whole of Europe.

Earlier legislative efforts (specifically the Listing Particulars Directive and the Public Offers of Securities Directive) created, in theory, the right conditions for issuers to gain access to a European-wide capital market.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree